I had the same exact message and error code on my Vista Home Premium laptop- spent many hours trying to connect to a printer connected to my desktop computer in another room. This is how I fixed it:
1. Deleted the printer from Control Panel-Printers.
2. Right-clicked in the white area in Control Panel-Printers.
3. Selected "Run as Administrator" then "Server Properties".
4. Clicked the "Ports" tab, then deleted any ports that weren't located on my laptop.
5. Clicked the "Drivers" tab and deleted any drivers that weren't working using the "Remove" button, including the one for the printer I was trying to install.
6. Rebooted.
7. Installed the printer without any problems.
Done.
Hope this helps someone...